What is an Entrepreneur ?
Entrepreneurship is the most controversial word across social media. Most people think that they are just ordinary businessmen. Still, according to experts, an entrepreneur is someone who starts a new business, takes all risks, and also knows every single detail about their work. They have unique team management style, which helps them grow.
World Entrepreneur Day is celebrated every year on 21 August. Women’s Entrepreneurship Day is celebrated every year on November 19 to support the growth of women entrepreneurs in rural areas. That is why Entrepreneur Month and National Entrepreneurs Day are also celebrated to encourage people.
Names of those innovators who did not give up, and worked for a better world. They always has a unique idea to do business. Founders takes the biggest risk and also brings the biggest reward. They also uses unique techniques to promote the growth of their brand. The process of setting up any business is called entrepreneurship. There are different types of entrepreneurial ventures.
What are the characteristics of Successful Entrepreneurs?
There are many different traits by which we can identify a good entrepreneur, but it is not always possible for any two persons to be alike. But everyone has some such quality by which they can do their work well. These characteristics make them unique in their work.
Some similar traits of top entrepreneurs are given below:
Discipline
Entrepreneurs who like to remain disciplined grow very fast. Even in our life, the person who maintains discipline in life can move forward in life. Discipline increases our patience level. If we have a preplanned list of tasks, then it is easy for us to perform those tasks. Their team management styles help them grow fast.
Passion
Passionate entrepreneurs are motivated by their love for their work. This enthusiasm helps them to move ahead. Being passionate about one’s work is the hallmark of a true dedication.
Vision
Their vision is different from common people’s. They imagine things that have never been thought of to date and craft a future that cannot be imagined. Vision is the most important part in entrepreneurship. This quality helps them to make future decisions and increases their self-confidence even more. A person with a vision can achieve success in any field.
Self-reliance
Entrepreneurs always trust themselves. They do not let their morale go down. Because if you cannot rely on yourself then why will anyone trust your product or service? So, self-reliance is very important.
Risk Tolerance
Behaving normally even when there is a risk. Entrepreneurs are always ready to take risks, they are not afraid that they will fail. After analyzing all the risks, they also know how to find a solution.
What's creativity in Entrepreneurship?
Creativity is defined as creating something that did not exist earlier. Creativity is when new ideas, solutions, concepts, or works are created that are unusual or original. Many people think that creativity means finding new solutions to old problems. Some people think that creativity means generating new ideas. There are some types of creativity in entrepreneurship:
- Conceptual creativity
- Emotional creativity
- Visual creativity
- Logical creativity
- Verbal creativity
- Tactical creativity
- intrapersonal creativity
- Extrapersonal creativity
- Innovative creativity
- Strategic creativity
Why are Entrepreneurs Important?
Entrepreneurs are the most important part of the growth of a nation. Making plans, marketing, and maintaining finances. They do almost every single task for their new venture. They are an essential part of the economy. No economy can grow without innovations and development. So their main purpose is to innovate or promote growth.
Economists have not yet given the true definition of the word entrepreneur. The word entrepreneur came from the French verb entreprendre, meaning “to undertake”. The concept of entrepreneurship has been known and practiced for centuries.
Many young startups face difficulties. Today, personal development, talent hiring, financing, and breaking cultural and social boundaries are some main problems.
Importance of Entrepreneurship:
Innovative: Ideas and innovations develop a healthy marketplace. Every economy grows with innovations. Entrepreneurs always work towards a bright future. Sometimes such a product or service comes in the market that creates an entirely new market.
New job creation: New jobs can be generated in the market through new successful ventures. Almost every country has more jobs needed than they already have. Many startups take 3-4 years and create many jobs after their success.
Wealth creation: Generational wealth is created after success with great risk. Wealth is created using various financial tools like stocks, bonds, and debt funds. It gives confidence to investors and creates wealth for their secure future. Founders and co-founders also grow together.
Social Development: Social entrepreneurs work for social development without caring about their benefits. Along with covering their living costs they also want to work for social impact.
Economic scale increase: Whenever some innovative product comes into the market, a lot of money is spent on manufacturing it on a large scale. The main aim is to reduce the cost of per unit production at this cost and increase the production.
Reduce competition: Old players in the market always have a monopoly. But when such a player enters the market and launches his product on a more competitive platform, this increases competition. So more competition means selling quality products at a much lower price.
What Are Different Types of Entrepreneurs?
Small Business Entrepreneur: Those who start a small business like a cafe or a retail shop.
Innovative Entrepreneur: This is where new products are created in the market, which also changes the market standards. A new market is also created.
Social Entrepreneur: Be it a profit or non-profit, they keep working for social change.
Serial Entrepreneur: After growing a business, they sell it and invest in the next business.
Lifestyle Entrepreneur: Starts a business to achieve your favorite lifestyle.
Entrepreneur Acquirer: Already acquires a well-settled business and grows it even more.
Conclusion
A businessman always works in a well-settled business, but an entrepreneur always creates a new market. We should create an accepting environment for them. So that more innovators join the journey. In countries like America, there is a culture where they create a progressive society for innovators. The risk is very high and so is the reward. But there is less competition in this. Because if you create a new product and launch it, then you are touching a completely new market, which no one has seen yet.